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Investments (tables)
12 Months Ended
Dec. 31, 2017
Investments disclosure  
Amortized cost and fair value of investments in fixed maturities [Table Text Block]

 
   
  Gross Unrealized    
 
 
  Amortized
Cost
  Fair
Value
 
(at December 31, 2017, in millions)
  Gains   Losses  

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

  $ 2,080   $ 4   $ 8   $ 2,076  

Obligations of states, municipalities and political subdivisions:

                         

Local general obligation

    13,488     444     26     13,906  

Revenue

    11,307     338     19     11,626  

State general obligation

    1,443     44     3     1,484  

Pre-refunded

    3,758     142     1     3,899  

Total obligations of states, municipalities and political subdivisions

    29,996     968     49     30,915  

Debt securities issued by foreign governments

    1,505     14     10     1,509  

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

    2,334     87     11     2,410  

All other corporate bonds

    25,311     478     100     25,689  

Redeemable preferred stock

    90     5         95  

Total

  $ 61,316   $ 1,556   $ 178   $ 62,694  


 

 
   
  Gross Unrealized    
 
 
  Amortized
Cost
  Fair
Value
 
(at December 31, 2016, in millions)
  Gains   Losses  

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

  $ 2,031   $ 9   $ 5   $ 2,035  

Obligations of states, municipalities and political subdivisions:

                         

Local general obligation

    13,955     271     182     14,044  

Revenue

    10,910     215     147     10,978  

State general obligation

    1,717     36     22     1,731  

Pre-refunded

    4,968     190     1     5,157  

Total obligations of states, municipalities and political subdivisions

    31,550     712     352     31,910  

Debt securities issued by foreign governments

    1,631     34     3     1,662  

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

    1,614     100     6     1,708  

All other corporate bonds

    22,737     508     138     23,107  

Redeemable preferred stock

    87     6         93  

Total

  $ 59,650   $ 1,369   $ 504   $ 60,515  
Amortized cost and fair value of fixed maturities by contractual maturity [Table Text Block]

(at December 31, 2017, in millions)
  Amortized
Cost
  Fair
Value
 

Due in one year or less

  $ 4,720   $ 4,749  

Due after 1 year through 5 years

    16,948     17,283  

Due after 5 years through 10 years

    14,545     14,859  

Due after 10 years

    22,769     23,393  

    58,982     60,284  

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

    2,334     2,410  

Total

  $ 61,316   $ 62,694  
Cost and fair value of investments in equity securities [Table Text Block]

 
   
  Gross
Unrealized
   
 
 
   
  Fair
Value
 
(at December 31, 2017, in millions)
  Cost   Gains   Losses  

Public common stock

  $ 332   $ 8   $ 1   $ 339  

Non-redeemable preferred stock

    108     12     6     114  

Total

  $ 440   $ 20   $ 7   $ 453  


 

 
   
  Gross
Unrealized
   
 
 
   
  Fair
Value
 
(at December 31, 2016, in millions)
  Cost   Gains   Losses  

Public common stock

  $ 390   $ 216   $ 3   $ 603  

Non-redeemable preferred stock

    114     20     5     129  

Total

  $ 504   $ 236   $ 8   $ 732  
Unrealized investment losses [Table Text Block]

 
  Less than 12 months   12 months or longer   Total  
(at December 31, 2017, in millions)
  Fair
Value
  Gross
Unrealized
Losses
  Fair
Value
  Gross
Unrealized
Losses
  Fair
Value
  Gross
Unrealized
Losses
 

Fixed maturities

                                     

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

  $ 1,150   $ 5   $ 470   $ 3   $ 1,620   $ 8  

Obligations of states, municipalities and political subdivisions

    505     2     2,959     47     3,464     49  

Debt securities issued by foreign governments

    394     6     111     4     505     10  

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

    1,021     7     250     4     1,271     11  

All other corporate bonds

    6,062     48     1,990     52     8,052     100  

Total fixed maturities

    9,132     68     5,780     110     14,912     178  

Equity securities

                                     

Public common stock

    18         34     1     52     1  

Non-redeemable preferred stock

    3         56     6     59     6  

Total equity securities

    21         90     7     111     7  

Total

  $ 9,153   $ 68   $ 5,870   $ 117   $ 15,023   $ 185  

 
  Less than 12 months   12 months or longer   Total  
(at December 31, 2016, in millions)
  Fair
Value
  Gross
Unrealized
Losses
  Fair
Value
  Gross
Unrealized
Losses
  Fair
Value
  Gross
Unrealized
Losses
 

Fixed maturities

                                     

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

  $ 1,124   $ 5   $   $   $ 1,124   $ 5  

Obligations of states, municipalities and political subdivisions

    9,781     352     12         9,793     352  

Debt securities issued by foreign governments

    360     3             360     3  

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

    528     5     43     1     571     6  

All other corporate bonds

    6,470     115     437     23     6,907     138  

Total fixed maturities

    18,263     480     492     24     18,755     504  

Equity securities

                                     

Public common stock

    45     2     10     1     55     3  

Non-redeemable preferred stock

    2         59     5     61     5  

Total equity securities

    47     2     69     6     116     8  

Total

  $ 18,310   $ 482   $ 561   $ 30   $ 18,871   $ 512  
Impairment charges included in net realized investment gains [Table Text Block]

(for the year ended December 31, in millions)
  2017   2016   2015  

Fixed maturities

                   

U.S. Treasury securities and obligations of U.S. government and government agencies and authorities

  $   $   $  

Obligations of states, municipalities and political subdivisions

             

Debt securities issued by foreign governments

             

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

             

All other corporate bonds

    4     15     13  

Redeemable preferred stock

             

Total fixed maturities

    4     15     13  

Equity securities

   
 
   
 
   
 
 

Public common stock

    9     9     37  

Non-redeemable preferred stock

        3      

Total equity securities

    9     12     37  

Other investments

    1     2     2  

Total

  $ 14   $ 29   $ 52  
Cumulative amount of and the changes during the year in the credit losses of other-than-temporary impairments (OTTI) on fixed maturities recognized in the consolidated statement of income for which a portion of the OTTI was recognized in other comprehensive income (loss) [Table Text Block]

Year ended December 31, 2017
(in millions)
  Cumulative
OTTI Credit
Losses
Recognized for
Securities Held,
Beginning of
Period
  Additions for
OTTI Securities
Where No
Credit Losses
Were
Previously
Recognized
  Additions for
OTTI Securities
Where Credit
Losses Have
Been
Previously
Recognized
  Reductions
Due to
Sales/Defaults
of Credit-
Impaired
Securities
  Adjustments to
Book Value
of Credit-
Impaired
Securities due
to Changes in
Cash Flows
  Cumulative OTTI
Credit Losses
Recognized for
Securities Still
Held, End of
Period
 

Fixed maturities

                                     

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

  $ 31   $   $   $   $ (2 ) $ 29  

All other corporate bonds

    54         1     (7 )   (2 )   46  

Total fixed maturities

  $ 85   $   $ 1   $ (7 ) $ (4 ) $ 75  

Year ended December 31, 2016
(in millions)
  Cumulative
OTTI Credit
Losses
Recognized for
Securities Held,
Beginning of
Period
  Additions for
OTTI Securities
Where No
Credit Losses
Were
Previously
Recognized
  Additions for
OTTI Securities
Where Credit
Losses Have
Been
Previously
Recognized
  Reductions
Due to
Sales/Defaults
of Credit-
Impaired
Securities
  Adjustments to
Book Value
of Credit-
Impaired
Securities due
to Changes in
Cash Flows
  Cumulative OTTI
Credit Losses
Recognized for
Securities Still
Held, End of
Period
 

Fixed maturities

                                     

Mortgage-backed securities, collateralized mortgage obligations and pass-through securities

  $ 32   $   $   $   $ (1 ) $ 31  

All other corporate bonds

    51     13         (7 )   (3 )   54  

Total fixed maturities

  $ 83   $ 13   $   $ (7 ) $ (4 ) $ 85  

Net investment income [Table Text Block]

(for the year ended December 31, in millions)
  2017   2016   2015  

Gross investment income

                   

Fixed maturities

  $ 1,895   $ 1,981   $ 2,091  

Equity securities

    28     37     39  

Short-term securities

    62     29     12  

Real estate investments

    44     51     48  

Other investments

    406     242     230  

Gross investment income

    2,435     2,340     2,420  

Investment expenses

    38     38     41  

Net investment income

  $ 2,397   $ 2,302   $ 2,379  
Changes in net unrealized investment gains [Table Text Block]

(at and for the year ended December 31, in millions)
  2017   2016   2015  

Changes in net unrealized investment gains

                   

Fixed maturities

  $ 513   $ (915 ) $ (893 )

Equity securities

    (215 )   51     (143 )

Other investments

    4     2     2  

Change in net pre-tax unrealized gains on investment securities

    302     (862 )   (1,034 )

Related tax expense (benefit)

    78     (303 )   (357 )

Change in net unrealized gains on investment securities

    224     (559 )   (677 )

Balance, beginning of year

    730     1,289     1,966  

Balance, end of year

  $ 954   $ 730   $ 1,289